Updated September 28, 2026 · SumCue Editorial Team
Borrowell vs ICICI Bank
Borrowell
Higher score in this comparison
ICICI Bank
What sets them apart
| Compare | BorrowellReviewVisitVisit | ICICI BankReviewVisitVisit |
|---|---|---|
| APR | 0%Lower | 9.99% to 16.5% |
| Loan amount | CA$500 to CA$50,000 | ₹50,000 to ₹5,000,000 |
| Term | 48 months | 12 to 72 monthsHigher |
| Credit check | Soft prequal | Hard |
| Funding time | Usually within a matter of days of approval by loan partners | Instant disbursement |
| Lender type | Marketplace | Direct lender |
| Free early repayment | YesHas it | No |
| Eligibility | Canadian citizen or permanent resident, age of majority in province of residence; loan applicants 18+ | Indian citizens aged 18-58 years; salaried minimum monthly income 30,000 rupees |
| Loan types | Personal, Debt consolidation, Business, CarCovers more | Personal, Debt consolidation |
| Credit needed | Poor | Good |
| Arrangement fee | Not confirmed | Up to 2% of loan amount plus taxes (Personal Loan processing charge) |
| Rate type | Not confirmed | Variable |
| Origination fee (%) | Not confirmed | 2% |
Same on both: Use cases (Home improvement).
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Founded is lower at ICICI Bank: 1994 vs 2014.
- APR is lower at Borrowell: 0% vs 9.99% to 16.5%.
- Free early repayment: only Borrowell.
- Term is higher at ICICI Bank: 12 to 72 months vs 48 months.
- Support channels: only Borrowell offers Email.
- Support channels: only ICICI Bank offers Phone, Chat.
- Pricing model: only Borrowell offers No annual fee.
- Pricing model: only ICICI Bank offers Fixed rate.
- Loan types: only Borrowell offers Business, Car.
Our verdict on each
Borrowell
Borrowell suits Canadians who want a single place to compare personal loan offers, check a credit score without a fee and rebuild a thin credit file. Loan sizes run CAD 500 to CAD 50,000 through a marketplace, and the credit builder term is 48 at an APR of 0%.
ICICI Bank
ICICI Bank is a full-service Indian bank covering saving, spending and borrowing, so it suits customers who want one provider. The savings account pays 2.5% on a variable rate, with easy access to cash, bill payments and transfers by UPI, IMPS, NEFT and RTGS, and personal loans disburse instantly.
Score breakdown
| Area | Borrowell | ICICI Bank |
|---|---|---|
| Cost | 9.5HigherAn annual fee of CAD 0 on the score service and a credit builder APR of 0% mean the cost side is light. | 8.6Card costs weigh heavy: an annual fee of INR 3,500 on the Sapphiro card, and personal loan rates of 9.99% to 16.5%. |
| Offer | 9.1A marketplace matching personal, debt consolidation and business and a stated credit profile target of poor widen the choice. | 9.4Higher |
| Trust | 8.4 | 9.0Higher |
How they place
| Ranking | Borrowell | ICICI Bank |
|---|---|---|
| Loans | 122 of 2043 | 124 of 2043 |
| Personal loans | 103 of 1317 | 104 of 1317 |
| Mortgages | 12 of 853 | 13 of 853 |
| Credit and debit cards | 42 of 1594 | 43 of 1594 |
Which one suits you
Pick Borrowell if cost, apr, free early repayment, and loan types matter most.
Pick ICICI Bank if offer, trust, and term matter most.
Every fact side by side
| Fact | Borrowell | ICICI Bank |
|---|---|---|
| Pricing model | No annual fee | Fixed rate |
| Features | Not confirmed | Rewards |
| Legal entity | Borrowell Inc. | ICICI Bank Ltd. |
| Headquarters | Canada | India |
| Founded | 2014 | 1994Lower |
| Support channels | Email, Help centre | Phone, Help centre, Chat |
Credit cards
| Fact | Borrowell | ICICI Bank |
|---|---|---|
| Annual fee | CA$0 | ₹3,500 |
| Currency conversion fee | Not confirmed | 3.5% |
| Rewards type | Not confirmed | Points |
| Rewards rate | Not confirmed | 4 points per INR 100 international spend, 2 points per INR 100 domestic spend, 1 point per INR 100 utility and insurance spend |
| Perks | Free weekly Equifax credit score and report monitoring, Free credit report download, Credit score checks that do not hurt your score, Free credit improvement tips and education, Personalized product recommendations from 75+ partners, Bank level 256 bit encryption security | Welcome vouchers worth over INR 13,000 from Tata CLiQ, EaseMyTrip, Da Milano, Croma and EazyDiner, 2 complimentary international and 4 domestic airport lounge visits, Up to 4 complimentary golf rounds per month, 24/7 concierge service (i Assist), Air accident insurance cover up to INR 3 crore, 1% fuel surcharge waiver on fuel transactions up to INR 4,000, BookMyShow movie offers, up to INR 500 off the second ticket |
| Card kind | Not confirmed | Credit |
Mortgages
| Fact | Borrowell | ICICI Bank |
|---|---|---|
| Initial rate | Not confirmed | 7.55% |
| Maximum loan to value | Not confirmed | 80% to 90% |
| Purpose | Purchase, Remortgage, First time buyerCovers more | Purchase, Remortgage |
Savings
| Fact | Borrowell | ICICI Bank |
|---|---|---|
| Headline rate | Not confirmed | 2.5% |
| Minimum deposit | Not confirmed | ₹2,500 to ₹15,000 |
| Access terms | Not confirmed | Easy access to funds: cash withdrawals, utility bill payments and online fund transfers through UPI, IMPS, NEFT and RTGS |
| Account kind | Not confirmed | Easy access |
Where each stands against the rest
| Fact | Borrowell | ICICI Bank | Median |
|---|---|---|---|
| APR | 0%lowest quarter | 9.99% to 16.5%at the median | 9.99% |
| Term | 48 monthsbelow the median | 12 to 72 monthsabove the median | 60 months |
| Origination fee (%) | Not confirmed | 2%above the median | 0% |
Median across 1096 listed providers.
Pros and cons
Borrowell
Pros
- Free weekly Equifax score and report monitoring, a free credit report download and score checks that do not hurt a file, all in Free weekly Equifax credit score and report monitoring, Free credit report download and Credit score checks that do not hurt your score.
- A spread of personal, debt consolidation, business and car loans (personal, debt consolidation and business) with amounts of CAD 500 to CAD 50,000.
- Free early repayment on credit builder loans, so a thin credit file can be cleared sooner without paying an extra charge.
Cons
- Support runs on email and help centre only, so there is no phone line to chase a partner lender.
- Borrowell is a marketplace (marketplace), so the rate and the approval belong to the partner lender.
- Funding lands Usually within a matter of days of approval by loan partners, so it is not a same day fix for an urgent bill or an emergency repair.
ICICI Bank
Pros
- Personal loans disburse with Instant disbursement, on amounts of INR 50,000 to INR 5,000,000 over terms of 12 to 72.
- The savings account is easy access, taking a minimum deposit of INR 2,500 to INR 15,000.
- The card pays points on spending, with lounge visits, golf rounds, concierge help and welcome vouchers added.
Cons
- Foreign spend on the card carries a currency conversion fee of 3.5%.
- Personal loan applications run a hard credit check, and good credit is the bar.
- Free early repayment is not offered, so settling a personal loan early carries a charge.
Who each suits
Borrowell
Who it suits
- Canadians with a thin credit file, since the stated credit profile target is poor.
- People borrowing for home improvement work or to consolidate debt, at amounts of CAD 500 to CAD 50,000.
- Applicants who are a Canadian citizen or permanent resident and meet the age of majority in their province.
Who should look elsewhere
- Not Cashspace: its rates of PHP 12 to PHP 36 are set in Philippine pesos for another market, so it does not serve a Canadian borrower.
- Not Creduma ES for anyone who wants to borrow in euros, since its amounts start at from €12,000.
- Not Sofkredit, whose rates of 10.74% to 18.06% belong to a Spanish market and currency.
ICICI Bank
Who it suits
- Salaried Indian citizens of adult age who want savings, a card and loans from one bank.
- Savers comfortable with a variable savings rate and borrowers happy with a fixed rate loan.
- Cardholders who want a credit card with lounge, golf and concierge perks on top of points.
Who should look elsewhere
- wise, if a card with no annual fee matters most, since its annual fee is £0.
- bunq, if you would rather hold a euro account with an annual fee of €0 on the card.
- Varo Believe Secured Credit Card, if a secured card with an annual fee of $0 is the better fit.
Current offers
Borrowell
Current offer
Bonus
Credit Builder cash back rewards on select Marketplace products
Credit Builder account in good standing with first payment made; eligible third-party product successfully acquired; valid email on file; minimum redeemable balance $20; rewards paid in CAD
Source, checked September 26, 2026
ICICI Bank
Current offer
Bonus
Sapphiro Credit Card welcome vouchers: Vouchers worth over INR 13,000
Upon payment of the joining fee of INR 6,500 + GST; vouchers worth INR 3,000 from Tata CLiQ, INR 4,000 from EaseMyTrip, INR 5,000 from Da Milano, INR 1,500 from Croma and an EazyDiner Prime Membership worth INR 1,095; issued within 45 business days
Source, checked September 26, 2026
Discount code
BookMyShow buy one get one movie offer on Sapphiro Credit Card: Up to INR 500 off the second ticket
From Apr 1, 2026 requires spending INR 25,000 or more on the Sapphiro Credit Card in the preceding spends quarter; one movie offer per month per card variant for dual-network cards
Source, checked September 26, 2026
Bonus
Sapphiro Credit Card milestone reward points: 4,000 reward points on INR 4 lakh annual spend, plus 2,000 points per additional INR 1 lakh, up to 20,000 points
Awarded in an anniversary year on qualifying annual spend
Source, checked September 26, 2026
Country by country
| Country | Borrowell | ICICI Bank |
|---|---|---|
| Canada | Yes | No |
| India | No | Yes |
Questions about each
Borrowell
Is there an annual fee for the Borrowell credit score service?+
The credit score service carries an annual fee of CAD 0, and the model is no annual fee. Weekly Equifax score and report monitoring, a report download and credit improvement tips all sit in Free weekly Equifax credit score and report monitoring, Free credit report download and Credit score checks that do not hurt your score.
Who actually lends the money?+
Borrowell works as a marketplace (marketplace) run by Borrowell Inc. in Canada. Approval and funding sit with the loan partners, and money usually arrives Usually within a matter of days of approval by loan partners rather than the same day an application goes in.
ICICI Bank
What does the card cost to hold each year?+
The annual fee on the card is INR 3,500, which sits above cards that charge nothing. Foreign currency transactions add a conversion fee of 3.5% on top. It is a credit card, so balances are meant to be cleared in full rather than carried.
What rewards does the card pay?+
Rewards come as points, earning more on international spend than on domestic, utility and insurance purchases. The credit card also carries welcome vouchers with travel, dining and retail partners, lounge visits, golf rounds, a round the clock concierge service, air accident cover and a fuel surcharge waiver.
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